Old apartments offer new appeal in Brisbane’s inner-west
There have been signs in Brisbane’s inner-western suburbs that older apartments are becoming more appealing to buyers, than the sleek, new apartments being built along Brisbane’s riverfront.
This may sound surprising, given our society often desires the ‘latest and greatest’ of almost everything. So why then, are older style apartments, which lack the infinity pool and smart home technology, proving to be higher in demand in the Brisbane apartment market?
No-frills design and low body corporate fees
Over the past 12 months, there has been a trend emerging in the Brisbane apartment market, particularly in our inner-western suburbs where buyers are seeking out well-built, spacious apartments for them to live in. Traditionally, this type of property would be located in a smaller complex of 6 to 8 apartments, with a ‘no-frills’ design and built between 1970-1990.
While these properties may not offer rooftop entertaining areas, the appeal for buyers lies in lower body corporate fees and often more spacious floorplans plus storage options. 2/32 Gordon Street, Milton is an excellent example of this.
Multiple offers on Milton apartment
The ground floor, two-bedroom apartment was sold in just 5 days, after receiving two offers from competing buyers. Both parties recognised the potential of the property and saw value in its generous, private courtyard. The apartment was sold to a local investor for $362,500 and has now been rented for $430 per week.
In a similar story, 6/18 Central Avenue, Paddington was sold in just 22 days for $330,000. The two-bedroom apartment was neatly presented but retained much of its original character and was nestled in a peaceful side street of Paddington. We have experienced a great deal of success in selling these apartments, which are often dotted in quieter, leafier areas amongst low rise neighbours.
Strategic pre-market preparation
The Brisbane apartment market is certainly experiencing demand from buyers seeking older designs but we do believe the correct pre-market preparation is required in order to achieve similar results. Both Gordon Street and Central Avenue underwent a minor facelift, organised by our team, prior to the properties coming to the market for sale.
A strategic plan was developed for both apartments, enhancing the presentation of each home but also minimising any outlay to the owner. With a strategy in place to refresh specific aspects of each property, we were able to add value where buyers in the Brisbane apartment market would see it most.
Our pre-market preparation was then coupled with a marketing campaign targeted towards owner occupiers and first home buyers. The approach emphasized the unique features an older style apartment offered, and ultimately resulted in a successful sale within a short timeframe.
Have changes in the Brisbane apartment market affected your home?
Find out today with a complementary property market appraisal.
What will you receive?
- Detailed ‘Comparable Market Analysis’ of your own property.
- Results of our market opinion on the highest, lowest and average prices for different streets and apartment types.
- Report on every recorded apartment sale in your suburb over the last 6 months.